By Ken Alltucker
The Cincinnati Enquirer

The regional port authority has approved a formal agreement with a new private development group to build the planned riverfront neighborhood between Paul Brown Stadium and Great American Ball Park.

Under the deal endorsed this week by the Port of Greater Cincinnati Development Authority, the non-profit Cincinnati Center City Development Corp. (3CDC) will take on the role of development manager for the Banks project. That means 3CDC will assemble a team to build the project and help the port authority secure money to pay for the $600 million development.

Port authority chairman Jack Rouse, who also chairs 3CDC's riverfront group, said the agreement will help eliminate duplication by better defining each group's role. The 3CDC board expects to approve the arrangement at its March 10 meeting.

The port authority has worked over the past three years to find a developer, secure money, build roads and complete other planning for the project expected to include condos and apartments, retail and offices.

The port authority will finance, own and lease the property. Cincinnati and Hamilton County has granted the port authority the power to issue bonds, collect public funds and sign formal agreements with other governmental branches.

So far, the port authority has identified $25 million of its $56 million goal to build the parking garages that will serve as the foundation of the Banks.

Authority president Tim Sharp said the port might have enough money to start building two riverfront garages within months if Ohio's Transportation Review Advisory Council formally approves a plan in April or May to give the Banks $11 million.

He said the authority would seek a federal loan of up to $90 million to pay for riverfront infrastructure.

"We're gearing up for developer selection now," Sharp said.

E-mail kalltucker@enquirer.com